Followed $LIGHT for more than seventeen months, and recent market movements deserve attention.

From a technical perspective, the price has continued to decline over the past hour, breaking through key moving average levels. More concerning is the on-chain activity of whales — there's a noticeable increase in large-position liquidation orders, which typically signals a phase top.

Funding rates are also sending pessimistic signals. As of now, funding remains in negative territory, and under such conditions, the market tends to explore further downside easily. Comprehensively speaking, there's still considerable downside room below the current price.

The current level already shows obvious resistance characteristics. For this type of situation, the probability of further price decline in subsequent moves is relatively high. Observing market rhythm, there may still be opportunities for further downside exploration in the short term.